The cryptocurrency market has been noting unprecedented transactions from institutional investors as well as retail traders in 2021.
The cryptocurrency market has been noting unprecedented transactions from institutional investors as well as retail traders in 2021. But be it skilled or amateur investors, identifying the top coins from a sea of more than 10,000 tokens can become a tedious task.
To make that process a little easier, let’s check out this list of top 10 cryptocurrencies of 2021 based on their use cases.
- Ethereum (ETH)
Ethereum is the busiest blockchain platform where developers write smart contracts for private and public projects. Ether, the utility token of this blockchain giant, has a market cap of US$ 232 billion at a value of around US$ 2,000 per token.
Ether has soared by 168 per cent in 2021, with a current circulation of 116.79 million tokens and an uncapped maximum supply. However, the Ethereum team has been working to resolve its unlimited supply of tokens.
Its market dominance is 17.8 per cent.
Ethereum 2.0 launch could be a breakthrough for its utility token’s growth this year.
- Bitcoin (BTC)
Bitcoin, aka “digital gold”, is the first blockchain-led crypto token. Hedge fund manager invested heavily in this digital asset in the first half of 2021, which supported its BTC token to hit a lifetime high of nearly US$ 65,000 in April.
BTC is up 10 per cent this year, with a market cap of US$ 603 billion. In the first quarter of 2021, Bitcoin yielded three-digit growth but plunged by almost 50 per cent around May amid China’s crackdown on crypto mining operations.
Bitcoin, however, remains the most dominant token, with a share of 46 per cent in the crypto market. If by the end of this year, Tesla (NASDAQ:TSLA) restarts accepting payments in Bitcoin, as has been pointed recently, BTC could rebound to its record high.
- Ripple (XRP)
Ripple, a fintech firm, has a utility token called XRP. The primary use case of this token is cross-border remittance transactions. It has a market cap of US$ 57.6 billion at US$ 0.575 per XRP.
The crypto has surged 159 per cent this year despite the US Securities and Exchange Commission’s (SEC) lawsuit against its parent company, Ripple Labs Ltd, in December 2020.
Ripple’s native token is down by almost 75 per cent against its one-year high of 1.95 apiece. XRP’s all-time high is US$ 3.4 per unit.
Ripple is poised to file for an initial public offering (IPO) once it gets a resolution in the SEC case.
Virtual tokens (Source: Pixabay.com)
- Cardano (ADA)
Cardano, known for its ‘proof of stake’ concept, has a native token named ADA.
The smart contract platform’s team is expected to launch a full-fledged blockchain project that will enable developers to create decentralized applications (DApps). Cardano developers have written their smart contracts overs Binance’s smart chain.
ADA has a current price of US$ 1.17 apiece. It has a supply of 32.24 billion coins.
ADA has skyrocketed by 550 per cent YTD. It has a market cap of US$ 38 billion and a three per cent dominance in the crypto space.
- Stellar (XLM)
Stellar is a decentralized platform that enables users to store and transfer digital currency. It has a utility token, XLM, which clients use to pay transaction fees.
The blockchain-backed coin is trading at nearly US$ 27 apiece, with a market cap of US$ 27.50 billion. XLM is 60 per cent down against its all-time high of US$ 0.87 per unit.
The token has doubled this year, with a total supply of 105.44 billion.
Stellar is said to be the faster and considerably reasonable crypto payment option than its peers.
- Litecoin (LTC)
Litecoin is considered to be among the undervalued cryptos, and is often known as the better version of Bitcoin. Its utility coin, LTC, has a market of US$ 8 billion at US$ 119 per token. The decentralized project is going to complete one decade in the crypto industry in October.
Crypto miners reportedly create one LTC block per 150 sec.
Litecoin’s blockchain charges a low gas fee. It dominates 0.61 of the crypto market, with a total supply of over 68 million LTC coins.
The token recorded a lifetime high of US$ 413 per unit in early May. It is currently trading four per cent down YTD.
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- UniSwap (UNI)
UniSwap is an autonomous decentralized crypto exchange, which enables crypto traders to swap multiple tokens. Its utility token, UNI, has posted a staggering 300 per cent rise this year, led by the more decentralized finance token listings. It is dominating almost one per cent of the industry.
UniSwap has a market cap of US$ 16.50 billion at US$ 16.50 per UNI. It has a fixed supply of one billion coins and its all-time high stands at US$ 45 apiece.
UNI has made it to the top 10 cryptos this year because of the exclusive initial coin offerings (ICO) on the UniSwap exchange.
- Polkadot (DOT)
Polkadot is a decentralized chain that enables users to execute multiple transactions simultaneously. DOT is the utility coin of this blockchain platform.
DOT has a market cap of 13.55 billion at US$ 12.57 apiece. It has a total supply of more than 1.08 billion. Polkadot dominates one per cent of the crypto segment and has delivered over 71 per cent returns in 2021.
The Polkadot project operates over Binance’s smart chain and works on a proof-of-stake concept. DOT has a lifetime high of US$ 49.80 apiece.
- Polygon (MATIC)
Polygon, founded by an India-based blockchain developer, has had a successful year so far. Its utility token, MATIC, has amplified by 4,950 per cent YTD and has a market cap of US$ 5.7 billion at US$ 0.89 per token.
It has been actively capitalizing on DeFi projects such as non-fungible token marketplace, decentralized gaming, and offering its platform for smart contracts. It has a circulating supply of 6.4 billion coins and a capped upper limit of 10 billion MATIC tokens.
The network has also been deployed by Ethereum on its layer 2.0 to decongest its network. Polygon enables developers to execute smart contract operations efficiently.
- Solana (SOL)
A Swiss open-source blockchain network, Solana facilitates developers to create DApps and charges them in its utility token, SOL. Its crypto has pumped over 1,700 per cent YTD.
The blockchain project completed one year in March 2021. Its market cap stands at US$ 7.4 billion at US$ 27.27 apiece and it has a circulation of nearly 273 SOL tokens, with an unfixed maximum supply.
It is dominating 0.56 per cent of the crypto market by using a hybrid protocol that offers fast processing and scalability to blockchain developers.